Mercedes owner Daimler is committed to Formula 1 but is working to slash costs and cut the environmental impact of motor racing, Chief Executive Ola Kaellenius confirmed on Wednesday.
“We have as little reason to step out of Formula 1 as Bayern Munich has to step out of football,” he said during a virtual roundtable discussion with journalists on Wednesday.
The carmaker is developing a plan to make the sport emissions neutral, including through the use of synthetic fuels, and wants to improve the costs of competing in motor racing.
“The net financial impact will be halved in the next three years. We have an even more aggressive cost reduction target in Formula 1 than for the rest of the company,” Kaellenius said.
Separately Kaellenius reiterated that Daimler is “within striking distance” of meeting its carbon dioxide emissions reduction targets in Europe.
Mercedes-Benz has ramped up sales of electric and hybrid cars in the third quarter and will continue to do so for the rest of the year, he said.
Their F1 outfit resurrected in 2010 has won 12 F1 titles in six years of the sport’s hybrid-turbo era and are sure to nab another two at the end of this season; Lewis Hamilton almost certain to claim the drivers’ crown for a seventh time, while the team along with Valtteri Bottas are also sure to secure the constructors’ title – their seventh in a row.